INDEX UPDATE
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Having problems with my browser, was lucky to be able to post.
Yes, this market is extremely strong still, but there are definite weaknesses:
1) The DOW is up 25 points right now, but the ADVANCE/DECLINE is negative, and the DOWN VOLUME per YAHOO is also negative.
2) Per last Thursday's performance the NAZ set lower lows. Of course most will just remember that on Friday the NAZ rebounded about 85% of
of Thursday's loss, but it is down again. If the NAZ does not move up substantially, it will be setting lower highs, which is at least a signal that it should not at least remain flat if not go down further.
3) The NYSE NEW HI/LO is up slightly from Friday's figures so far. This is what is a bit confusing since the ADVANCE/DECLINE is actually negative and this rally is not broad based.
4) The Russel 2000 is also negative indicating that this rally is not broad based.
Psychologically, most of us are perplexed as to why the market is not dropping more than it is. Keep in mind that the NAZ is down further on a relative basis than the DOW is being up. The market is showing extreme strength; however, on a technical basis, the market is not showing alot of strength specifically for today, on a singular day basis.
How much will this market pullback is the BIG QUESTION, but on a technical basis, this is not the best time to go long, and on the other hand of going short - well who knows. Technically, the market should be coming down but so far it is not working well.
Seeya, hope I can get back on SI later. |
